What is the significance of AutoEventWireUp attribute?

Gets or sets a value indicating whether events for ASP.NET pages are automatically connected to event-handling functions. 
The AutoEventWireup attribute may have a value of true or false. When an ASP.NET Web Application is created by using Microsoft Visual Studio .NET, the value of the AutoEventWireup attribute is set as false.
We can specify the default value of the AutoEventWireup attribute in the following locations:
• The Machine.config file.
• The Web.config file.
• Individual Web Forms (.aspx files).
• Web User Controls (.ascx files)